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Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Jan. 3 Jan. 3 Jan. 9 Account Titles and Explanation Accounts Receivable Sales Cost of Goods Sold Inventory Inventory Accounts Payable Debit 9490 4380 7000 Credit C A

Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Jan. 3 Jan. 3 Jan. 9 Account Titles and Explanation Accounts Receivable Sales Cost of Goods Sold Inventory Inventory Accounts Payable Debit 9490 4380 7000 Credit C A

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image),   Note: .Every entry should have narration please

Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Jan. 3 Jan. 3 Jan. 9 Account Titles and Explanation Accounts Receivable Sales Cost of Goods Sold Inventory Inventory Accounts Payable Debit 9490 4380 7000 Credit C A
Transcribed Image Text:Prepare journal entries for these January transactions assuming that Monty Ltd. uses FIFO under a periodic inventory system. Also, record the adjusting entry at the end of the month to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Jan. 3 Jan. 3 Jan. 9 Account Titles and Explanation Accounts Receivable Sales Cost of Goods Sold Inventory Inventory Accounts Payable Debit 9490 4380 7000 Credit C A
At the beginning of the year, Monty Ltd. had 900 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 730 units on account for $13 each. 9 15 Purchased 1,000 units on account for $7 per unit. Sold 780 units for cash at $12 each.
Transcribed Image Text:At the beginning of the year, Monty Ltd. had 900 units with a cost of $6 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 730 units on account for $13 each. 9 15 Purchased 1,000 units on account for $7 per unit. Sold 780 units for cash at $12 each.
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